Why you should let your customers choose their price

Use Name Your Price in nine ways to enhance the customer experience and increase revenue

It may seem counterintuitive to allow your customers to decide what price they will pay for your products or services. It may seem counterintuitive to allow customers to choose a price, rather than being required to pay a fixed amount.

If used correctly, this tool can be used to create unique relationships with customers and keep within your pricing limits.

These are nine ways Name Your price can be used.

1. Donations to Nonprofits

The Name Your Price extension is a simple and flexible way for nonprofits to raise donations.

Photo by The It Gets Better Project

The It Gets Better Project, for example, suggests four donation amounts that are most commonly gifted using radio buttons. However, it also offers a box to enter a custom amount for donors who wish to give more. Customers can also donate lower amounts, but 25 $5.00 donations are as good as one $125 contribution. You can also make the gift a recurring one-time donation.

Photo by Priority One Worldwide

Priority One Worldwide suggests a $100 donation, but allows benefactors the option to increase it to $10.00.

If you sell physical products for your nonprofit, you can establish a minimum price to ensure that you don’t lose any money, but also so that you don’t miss the chance to make a bigger donation.

Many for-profit companies also sell items and donate a percentage of their sales to charities. This type of ’cause marketing’ can allow buyers to purchase additional items (buy one, give one) or to add a gift amount.

This is a common practice at grocery stores. Tellers may ask customers to swipe their cards before asking for a donation.

To see other non-profits using Name Your Price, visit the WooCommerce Showcase.

2. Add a tip

You can ask for donations and include a tip box in the order form. This is a good option for online delivery services where the customer can tip the driver.

You can offer your customers a way to purchase a product for free, such as a digital download or plugin. Many people will give a dollar to show their appreciation. It all adds up!

3. Limited Stock or Clearance Offers

Scarcity is a tried and true marketing strategy to increase demand and make a product attractive to potential buyers.

Name Your Price is a great way for you to recover the money you invested in your inventory. It’s better to spend a few dollars on inventory than nothing.

WooCommerce Name Your Price Extension can help you create urgency when there are limited stocks or discontinued products. The customer can choose how much they’re willing to pay, with a minimum price. This will let them know that the time is short or there’s a shortage. This allows you to recoup at most a portion of your investment, and may even result in repeat customers who enjoy the thrill of scoring a great deal.

Learn more:

4. How to pay a bill

You can provide clients with a way for them to pay their bills online thanks to the flexibility of the Name Your Price extension. Do you remember the “amount box” from earlier? Change the text to “Pay Bill”.

This section does not need to have a minimum or suggested amount. It can be left blank to allow the customer to enter the exact amount they need on the invoice.

Photo (c) Poppy Flower

Poppy Floral uses the Name Your Price method to accomplish exactly that. They first take a deposit and then let their clients come back to pay the rest. It makes it possible for them to combine their flower centerpieces and event services into one cohesive store.

Consider your business. What could you do to make your business more profitable and to help customers engage with your products?

5. Subscribe to our Newsletter

Name Your Price is compatible with the Subscriptions extension. This allows your customers to select their billing periods. Instead of paying the exact amount, customers can choose the time they wish to pay.

Photo (c) The Catch and the Hatch

The Catch and the Hatch offers fishing memberships that allow customers to get out in the wild and provide valuable fishing data. There are a range of terms available – from weekly to monthly to 6-monthly to 12-month – that will suit everyone’s needs.

This flexibility will help increase your customer’s likelihood of making a purchase. It will also make it easier for them to make that purchase.

6. Bundles of Product

Product Bundles allows you to offer bundles, product kits and combos that include discounts for certain products when they are bought together. You can offer Product Bundles that allow buyers to select the price they will pay for a set of products.

You might have seen advertisements for Name Your Price, an insurance company’s tool to help you find the best price. The integration allows for a similar concept. The customer has the ability to choose how much they would like to pay and can adjust the options they can afford accordingly.

7. Pay what you can

You may offer a special to customers who are financially strapped. They can pay whatever they can afford. While you would want to keep your costs down, it is important that the minimum be set so that customers don’t lose money. However, this allows them to have some flexibility in how much they can afford.

You can suggest the retail price and let the customer adjust the amount. Most people will only pay the minimum. You might be surprised at the number of people who will pay more if they have the option.

8. Find out how much your product is worth

You may not be able to determine the price you should charge for a product that is new in your industry. The Name Your Price Extension is a great tool for market research.

You can start with a fixed inventory amount and offer a limited time deal to your audience. A compelling landing page should demonstrate the product’s value. Include a Name Your Price box. You can set a minimum price to avoid losing money, and make sure you include shipping costs (if applicable).

After your inventory has been sold, you can look at the prices paid by customers to get an idea of the market’s willingness to pay. This valuable information can be used to price your products in future.

9. Gift cards available

Name Your Price allows you to give gift cards to brick and mortar locations. Use the PDF Product Coupons plugin to create PDF vouchers for offline products and services. You can choose from common amounts (e.g. $20, $50, $100), and then give shoppers the option to add any amount to a gift certificate.

This will allow your customers to give their products as gifts to friends and family. It will also increase foot traffic to your store. It’s a win/win situation!

Take advantage of the versatility of Name Your Price

Name Your Price Extension is an important and versatile tool that you can use to promote your online store. You can ask for tips or donations, help your clients pay their bills or offer a way to your customers to pay what they can. Get creative! This can be incorporated into your existing marketing strategies in a number of ways.

Name Your Price is a way to stand out in a saturated market . This can help you stand out from your competitors, especially if you are a startup.

Customers will appreciate the flexibility you offer in the right situations. This will help to build better relationships with your customers.

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